Geregu Power appoints Abdulaziz Yari chairman as Otedola resigns after selling stake

Geregu Power Plc has appointed Abdulaziz Yari as chairman of its board of directors following the resignation of Femi Otedola.

The changes were announced on the Nigerian Exchange (NGX) and approved at the company’s board meeting held on Monday, after a change in the ultimate beneficial ownership of its issued share capital.

Yari, a former governor and senator, takes over as board chairman with immediate effect.

The company said his appointment reflects a career spanning education, politics and public administration, including service in the national assembly.

The board also approved the appointment of Abdulkadeer Njiddah as a non-executive director.

Geregu Power said Njiddah is an accountant and finance professional with qualifications and experience across academia, public sector governance and the power sector.

Usman Mohammed was appointed as an independent non-executive director.

The firm said he is a chartered accountant with over 30 years of experience, particularly in the power sector, covering utility reform, financial management and infrastructure delivery.

Mohammed Jaafaru also joined the board as an independent non-executive director.

Jaafaru currently serves as chief operations officer of Advance Link Petroleum Limited and has experience in operations, corporate governance and business process automation.

Neka Adogu was appointed as an independent non-executive director.

The company said Adogu is a financial services professional with over 22 years of experience and previously held senior leadership roles at Access Bank Plc.

Mahmud Magaji, a senior advocate of Nigeria, was also appointed as an independent non-executive director.

Geregu Power described him as a legal practitioner with experience spanning several areas of law and service on key judicial and professional bodies.

The board accepted the resignation of Otedola as chairman, alongside Akin Akinfemiwa, chief executive officer, Julius Omodayo-Owotuga, deputy chief executive officer, Christopher Adeyemi, Olawunmi Otedola, Anil Dua, Doron Grupper, Paul Gbededo and Andrew Gamble, with effective immediately.

Earlier today, the NGX announced that Otedola sold his majority stake in Geregu Power Plc for N1.08 trillion in a deal financed by a consortium of banks led by Zenith Bank Plc. (The Cable)